Monday, February 28, 2011

Great Article from Washington's blog via Naked Capitalism. Washington hits the nail on the head.

We are witnessing reality that we never imagined would come to pass. Well I think most people never imagined it would happen or at least not to this degree. We even have a democratic in the White House and still the TBTF Banks and their executives are setting policy and running the country. It is as if Obama is their pawn and puppet, having his strings pulled for over 2 years. He was to be the man of the people but he is acting like a Right Wing free market capitalist who cares little for the enforcement of law or effective regulation.

I thought G Bush Sr. was out of touch with reality when he had no clue what it cost for a loaf of bread but Obama's blind eye to banking corruption and criminal activity trumps GB by far. I don't think we will ever be able to say that the democratic party is the party of the people because we are seeing the truth. Reality: neither party is for the people.

From

→ Washington’s Blog (emphasis added by financial reality revisited)

In his acceptance speech for winner for best documentary at the Oscars, director Craig Ferguson said: Three years after our horrific financial crisis caused by financial fraud, not a single financial executive has gone to jail, and that’s wrong. But none of the mainstream, corporate networks covered it. Not CBS, ABC, NBC or MSNBC.

Ferguson told Reuters:

“The biggest surprise to me personally and biggest disappointment was that nobody in the Obama administration would speak with me even off the record — including people that I’ve known for many, many years,” Ferguson said backstage.

He believes Americans, who lost homes and jobs in the millions because of shady mortgage lending and bank collapses, are disappointed that “nothing has been done.”

“Unfortunately, I think that the reason is predominantly that the financial industry has become so politically powerful that it is able to inhibit the normal process of justice and law enforcement,” said Ferguson.

Indeed, as I have repeatedly pointed out, fraud is one of the main causes of the financial crisis. Even Bernie Madoff tells New York Magazine:

“I realized from a very early stage that the market is a whole rigged job. There’s no chance that investors have in this market.”

“The SEC,” he says, “looks terrible in this thing.” And he doesn’t see himself as the only guilty party on Wall Street. “It’s unbelievable, Goldman … no one has any criminal convictions. The whole new regulatory reform is a joke. The whole government is a Ponzi scheme.”

The economy cannot stabilize unless fraud is prosecuted. But the folks in D.C. seem determined to turn a blind eye to Wall Street shenanigans, and is now moving to defund the enforcement agencies like the SEC and CFTC.

And yet the large corporate media never covers this issue. An October 2009 Pew Research Center study on the coverage of the financial crisis found that the media has largely parroted what the White House and Wall Street were saying. (The mainstream media is also pro-war.)

In fact, the financial industry has become so politically powerful that it is able to inhibit the normal process of justice and law enforcement, and the American press.

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